More time given for payment of premium of motor third party insurance

NEW DELHI: Vehicle owners have been given time till April 21 to pay third party motor insurance premiums falling due during the countrywide lockdown in wake of coronavirus outbreak, according to an IRDAI circular.

             The risk cover will continue from the due date of renewal of such policies. Motor Third Party Insurance is mandatory, the IRDAI said on Thursday.

             “The Central Government has directed that policyholders whose motor vehicle third party insurance policies fall due for renewal during the period on and from March 25, 2020, up to April 14, 2020, and who are unable to make payment of their renewal premium on time … Are allowed to make premium payment for renewal of policies to their insurers on or before April 21, 2020,” the circular said. (AGENCIES)